A difficult but expected quarter for the German utility. Adjusted EBITDA was driven down by 33% mainly due to the sharp impact from the Texas cold snap (€-400m) and adverse wind conditions in Europe.
The earnings forecast and dividend policy are, however, confirmed and seem realistic for the full year, despite non-recurring items. The promising outlook for the following years remain constrained by the high exposure to thermal assets. But we’re betting on an accelerated green transition.
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Hurt by one-offs, as expected
A difficult but expected quarter for the German utility. Adjusted EBITDA was driven down by 33% mainly due to the sharp impact from the Texas cold snap (€-400m) and adverse wind conditions in Europe.
The earnings forecast and dividend policy are, however, confirmed and seem realistic for the full year, despite non-recurring items. The promising outlook for the following years remain constrained by the high exposure to thermal assets. But we’re betting on an accelerated green transition.